Equibles

8-K

Primerica, Inc. (PRI)

8-K 2025-11-05 For: 2025-11-05
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): November 5, 2025

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Primerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-34680 27-1204330
(State or other jurisdiction of<br>incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
1 Primerica Parkway<br><br>Duluth, Georgia 30099
(Address of Principal Executive Offices, and Zip Code)

(770) 381-1000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock PRI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2025, Primerica, Inc. (the “Company”) announced its results of operations for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except to the extent expressly set forth by specific reference in any such filings.

Use of Non-GAAP Financial Measures.

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders’ equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations. Also excluded from these non-GAAP financial measures is the receipt of insurance proceeds under a Representation and Warranty policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (“e-TeleQuote”). We exclude this gain from our non-GAAP financial measures as it represents a non-recurring item that causes incomparability in the Company’s results.

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business in 2024. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized in 2024 for e-TeleQuote’s state net operating losses, which is required to be reported in income taxes from continuing operations. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

Reconciliations of GAAP to non-GAAP financial measures are included as attachments to the press release which has been posted in the “Investor Relations” section of our website at https://investors.primerica.com.

Item 7.01 Regulation FD Disclosure.

On November 5, 2025, the Company posted to the “Investor Relations” section of its website certain supplemental financial information relating to the quarter ended September 30, 2025. A copy of the supplemental financial information is attached hereto as Exhibit 99.2.

The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, and shall not be incorporated by reference in any filing made by the Company under the Exchange Act or the Securities Act, except to the extent expressly set forth by specific reference in any such filings.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated November 5, 2025 – Primerica Reports Third Quarter 2025 Results
99.2 Primerica, Inc. Supplemental Financial Information – Third Quarter 2025
104 Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 5, 2025 PRIMERICA, INC.
/s/ Tracy Tan
Tracy Tan
Executive Vice President and Chief Financial Officer

EX-99.1

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PRIMERICA REPORTS THIRD QUARTER 2025 RESULTS

Record Investment and Savings Products (ISP) sales of $3.7 billion, up 28%

Record ISP client asset values, ending the quarter at $126.8 billion, up 14%

Life-licensed sales force of 152,200, up 2% compared to September 30, 2024

Term Life net premiums increased 3%; adjusted direct premiums grew 5%

Net earnings per diluted share (EPS) of $6.35 compared to EPS from continuing operations of $5.72 in the prior year period; Diluted adjusted operating EPS of $6.33 compared to $5.68 in the prior year period

Return on stockholder’s equity (ROE) of 35.9%; adjusted net operating income return on adjusted stockholders’ equity (ROAE) of 36.2%

Repurchases of $129 million of common stock during the quarter;

declared dividend of $1.04 per share payable on December 15, 2025

Duluth, GA, Nov. 5, 2025 – Primerica, Inc. (NYSE: PRI) reported financial results for the quarter ended September 30, 2025. Total revenues were $839.9 million, an increase of 8% from the third quarter of 2024. Net income of $206.8 million increased 6% when compared to net income from continuing operations in the prior year period, while net earnings per diluted share of $6.35 increased 11% compared to net earnings per diluted share from continuing operations in the prior year period.

During the third quarter of 2025, the Company completed its annual actuarial assumption review, which contributed to a net remeasurement gain of $23.1 million (including $23.4 million in the Term Life segment), or $0.54 after tax earnings per diluted share. The prior year period included a net remeasurement gain of $23.0 million (including $28.2 million in the Term Life segment), or $0.52 after tax earnings per diluted share.

The Company delivered strong adjusted operating financial results during the quarter including adjusted operating revenues of $838.9 million, up 9% year-over-year. Adjusted net operating income totaled $206.1 million, reflecting 7% growth compared to the third quarter of 2024, while diluted adjusted operating earnings per share of $6.33 increased 11%.

“Our third quarter results reflect solid and consistent performance across all segments,” said Glenn Williams, Chief Executive Officer of Primerica, Inc. “The Investment and

Savings Products segment maintained strong momentum and Term Life delivered steady growth in premiums, demonstrating the strength and balance of our complementary business segments. These results highlight the effectiveness of our business model and our ongoing commitment to empowering middle-income families to make confident financial decisions.”

Third Quarter Distribution & Segment Results

Distribution Results
Q3 2025 Q3 2024 % Change
Life-Licensed Sales Force 152,200 148,890 2 %
Recruits 101,156 142,655 (29 )%
New Life-Licensed Representatives 12,482 14,349 (13 )%
Life Insurance Policies Issued 79,379 93,377 (15 )%
Life Productivity (1) 0.17 0.21 *
Issued Term Life Face Amount ($ billions) (2) $ 27.1 $ 30.8 (12 )%
ISP Product Sales ($ billions) $ 3.7 $ 2.9 28 %
Average Client Asset Values ($ billions) $ 123.1 $ 108.2 14 %
Closed U.S. Mortgage Volume ($ million brokered) $ 143.4 $ 105.4 36 %
  • Life productivity equals the average monthly policies issued divided by the average number of life insurance licensed representatives.
  • Includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

* Not calculated or less than 1%

Segment Results
Q3 2025 Q3 2024 % Change
( in thousands)
Adjusted Operating Revenues:
Term Life Insurance $ 450,306 3 %
Investment and Savings Products 266,073 20 %
Corporate and Other Distributed Products (1) 53,711 6 %
Total adjusted operating revenues (1) $ 770,090 9 %
Adjusted Operating Income (Loss) Before <br>  Income Taxes:
Term Life Insurance $ 178,354 (3 )%
Investment and Savings Products 79,911 18 %
Corporate and Other Distributed Products (1) (5,713 ) NM
Total adjusted operating income before income taxes (1) $ 252,552 7 %

All values are in US Dollars.

  • See the Non-GAAP Financial Measures section and the Adjusted Operating Results reconciliation tables at the end of this release for additional information.

Life Insurance Licensed Sales Force

The sales force continued to grow, ending the third quarter of 2025 with 152,200 life licensed representatives, increasing 2% compared to September 30, 2024. The number of recruits and new life licenses remained solid relative to non-convention years, although both declined compared to strong results in the third quarter of 2024. During the third quarter of 2025, the Company recruited 101,156 people and 12,482 individuals obtained a new life insurance license, down 29% and 13%, respectively, against the prior year period’s record levels.

Term Life Insurance

During the third quarter of 2025, the Company issued 79,379 new life insurance policies, decreasing 15% year-over-year. Productivity as measured by the average monthly rate of new policies issued per life-licensed independent sales representative was 0.17.

During the third quarter of 2025, Term Life revenues were $463.3 million, increasing 3% year-over-year, driven by 5% growth in adjusted direct premiums. Pre-tax operating income of $172.7 million (including a $23.4 million remeasurement gain), decreased 3% compared to pre-tax operating income of $178.4 million (including a $28.2 million remeasurement gain), in the third quarter of 2024. The net remeasurement gain in the third quarter of 2025 was primarily driven by lower mortality assumption change. The benefits and claims ratio was 54.9% compared to 53.2% in the prior year period. The DAC amortization and insurance commissions ratio at 12.2% and insurance expenses ratio at 7.5% remained stable compared to the prior year period. The Term Life Insurance operating margin of 25.4% in the third quarter of 2025 was favorably impacted by the remeasurement gain. Excluding the remeasurement gain from both periods, the operating margin remained largely consistent year-over-year.

Investment and Savings Products

During the third quarter of 2025, total product sales of $3.7 billion was the highest quarterly result in the Company’s history, representing a 28% increase compared to the prior year period. Strong demand across all product lines helped drive sales growth, while favorable equity markets and continued net inflows resulted in a 14% increase in client asset values year-over-year. Net inflows during the third quarter of 2025 were $363 million compared to $255 million in the prior year period.

Third quarter revenues of $318.8 million increased 20% compared to the prior year period, while income before income taxes of $94.2 million increased 18%. Growth in revenues from sales-based commissions slightly outpaced the growth in revenue-generating sales due to the continued strong demand for variable annuities. Sales-based commission expenses grew in line with sales-based commission revenues. Asset-based commission revenues grew 21% compared to growth in average client asset values of 14%. The favorable mix-shift toward U.S. managed accounts and Canadian mutual funds sold under the principal distributor model continued to support higher asset-based commissions. Asset-based commission expenses grew in line with asset-based commission revenues.

Corporate and Other Distributed Products

During the third quarter of 2025, the segment recorded pre-tax adjusted operating income of $3.8 million compared to a pre-tax adjusted operating loss of $5.7 million in the prior year period. The current year period benefited from higher net investment income primarily due to growth in the size of the portfolio, while the prior year period included a $5.2 million remeasurement loss on a closed book of non-term life insurance business.

Taxes

The effective income tax rate was 23.9% during the third quarter of 2025 compared to the effective income tax rate from continuing operations of 23.5% in the third quarter of 2024.

Capital

The Company repurchased 480,272 shares of common stock for $129 million during the third quarter of 2025 and the Board of Directors has approved a dividend of $1.04 per share, payable on December 15, 2025, to stockholders of record on November 21, 2025. Primerica Life Insurance Company’s statutory risk-based capital (RBC) ratio was estimated to be about 515% as of September 30, 2025.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company presents certain non-GAAP financial measures. Specifically, the Company presents adjusted direct premiums, other ceded premiums, adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income, diluted adjusted operating earnings per share and adjusted stockholders' equity.

Adjusted direct premiums and other ceded premiums are net of amounts ceded under coinsurance transactions that were executed concurrent with our initial public offering (the “IPO coinsurance transactions”) for all periods presented. We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Adjusted operating revenues, adjusted operating income before income taxes, adjusted net operating income and diluted adjusted operating earnings per share exclude the impact of investment gains (losses), including credit impairments, and fair value mark-to-market (“MTM”) investment adjustments for all periods presented. We exclude investment gains (losses), including credit impairments, and MTM investment adjustments in measuring these non-GAAP financial measures to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains (losses) and market pricing variations prior to an invested asset’s maturity or sale that are not directly associated with the Company’s insurance operations.

Adjusted operating income before taxes, adjusted net operating income and diluted adjusted operating earnings per share also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these items from our non-GAAP financial measures as they are not useful in evaluating the Company’s ongoing operations.

Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments. We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

Adjusted stockholders’ equity excludes the impact of net unrealized investment gains (losses) recorded in accumulated other comprehensive income (loss) for all periods presented. We exclude unrealized investment gains (losses) in measuring adjusted stockholders’ equity as unrealized gains (losses) from the Company’s available-for-sale securities are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an available-for-sale security matures or is sold. Adjusted stockholders’ equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income (loss). We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as such difference is caused by market movements in interest rates that are not permanent and may not align with the cash flows we will ultimately incur when policy benefits are settled.

Our definitions of these non-GAAP financial measures may differ from the definitions of similar measures used by other companies. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Furthermore, management believes that these non-GAAP financial measures may provide users with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of the core ongoing business. These measures have limitations and users should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Reconciliations of GAAP to non-GAAP financial measures are attached to this release.

Earnings Webcast Information

Primerica will hold a webcast on Thursday, November 6, 2025, at 10:00 a.m. (ET), to discuss the quarter’s results. To access the webcast, go to https://investors.primerica.com at least 15 minutes prior to the event to register, download and install any necessary software. A replay of the call will be available for approximately 30 days. This release and a detailed financial supplement will be posted on Primerica’s website.

Forward-Looking Statements

Except for historical information contained in this press release, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from anticipated or projected results. Those risks and uncertainties include, among others, our failure to continue to attract and license new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives; laws or regulations that could apply to our distribution model, which could require us to modify our distribution structure; changes to the independent contractor status of sales representatives; our or independent sales representatives’ violation of or non-compliance with laws and regulations; litigation and regulatory investigations and actions concerning us or independent sales representatives; differences between our actual experience and our expectations regarding mortality, persistency, disability or insurance as reflected in the pricing for our insurance policies; changes in federal, state and provincial legislation or regulation that affects our insurance, investment product and mortgage businesses; our failure to meet regulatory capital ratios or other minimum capital and surplus requirements; a significant downgrade by a ratings organization; the failure of our reinsurers or reserve financing counterparties to perform their obligations; the failure of our investment products to remain competitive with other investment options or the loss of our relationship with one or more of the companies whose investment products we provide; heightened standards of conduct or more stringent licensing requirements for independent sales representatives; inadequate policies and procedures regarding suitability review of client transactions; revocation of our subsidiary’s status as a non-bank custodian; a significant change to or disruption in the mortgage lenders’ mortgage businesses or an inability of the mortgage lenders to satisfy their contractual obligations to us; changes in prevailing mortgage interest rates or U.S. monetary policies that affect mortgage interest rates; economic downcycles that impact our business, financial condition and results of operations; major public health pandemics, epidemics or outbreaks or other catastrophic events; the failure of our or a third-party partner’s information technology systems, breach of our information security, failure of our business continuity plan or the loss of the Internet; any failure to protect the confidentiality of client information; the current legislative and regulatory climate with regard to privacy and cybersecurity; cyber-attack(s), security breaches; the effects of credit deterioration and interest rate fluctuations on our invested asset portfolio and other assets; incorrectly valuing our investments; changes in accounting standards may impact how we record and report our

financial condition and results of operations; the inability of our subsidiaries to pay dividends or make distributions; laws and regulations in the U.S. and Canada, executive branch actions, orders and policies, judicial rulings and decisions by public officials impacting our business; the legislative and regulatory environment regarding climate change; litigation and regulatory investigations and actions; a significant change in the competitive environment in which we operate; the loss of key personnel or sales force leaders; the efficiency and success of business initiatives to enhance our technology, products and services; inability to effectively execute our corporate strategy; and fluctuations in the market price of our common stock or Canadian currency exchange rates. These and other risks and uncertainties affecting us are more fully described in our filings with the Securities and Exchange Commission, which are available in the "Investor Relations" section of our website at https://investors.primerica.com. Primerica assumes no duty to update its forward-looking statements as of any future date.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.0 million client investment accounts on December 31, 2024. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2024. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

Investor Contact:

Nicole Russell

470-564-6663 Email: Nicole.Russell@Primerica.com

Media Contact:

Susan Chana

404-229-8302

Email: Susan.Chana@Primerica.com

PRIMERICA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
September 30, 2025 December 31, 2024
(In thousands)
Assets
Investments:
Fixed-maturity securities available-for-sale, at fair value $ 3,147,647 $ 2,946,126
Fixed-maturity security held-to-maturity, at amortized cost 1,241,540 1,303,880
Equity securities, at fair value 26,186 27,144
Trading securities, at fair value 12,803 3,011
Policy loans and other invested assets 54,099 50,881
Total investments 4,482,275 4,331,042
Cash and cash equivalents 644,855 687,821
Accrued investment income 28,949 28,100
Reinsurance recoverables 2,596,597 2,744,165
Deferred policy acquisition costs, net 3,863,442 3,680,430
Agent balances, due premiums and other receivables 301,114 282,607
Intangible asset 45,275 45,275
Income taxes 128,313 122,664
Operating lease right-of-use assets 42,986 47,023
Other assets 400,078 403,608
Separate account assets 2,313,874 2,209,287
Total assets $ 14,847,758 $ 14,582,022
Liabilities and stockholders' equity
Liabilities:
Future policy benefits $ 6,816,778 $ 6,503,064
Unearned and advance premiums 16,225 15,606
Policy claims and other benefits payable 477,785 488,350
Other policyholders' funds 368,232 402,323
Note payable 595,114 594,512
Surplus note 1,241,263 1,303,556
Income taxes 52,118 115,611
Operating lease liabilities 50,892 55,478
Other liabilities 515,052 549,160
Payable under securities lending 104,535 86,034
Separate account liabilities 2,313,874 2,209,287
Total liabilities 12,551,868 12,322,981
Stockholders' equity:
Common stock 321 334
Retained earnings 2,319,750 2,231,483
Accumulated other comprehensive income (loss), net of income tax:
Effect of change in discount rate assumptions on the liability for future policy benefits 89,692 224,833
Unrealized foreign currency translation gains (losses) (22,191 ) (34,767 )
Net unrealized gains (losses) on available-for-sale securities (91,682 ) (162,842 )
Total stockholders' equity 2,295,890 2,259,041
Total liabilities and stockholders' equity $ 14,847,758 $ 14,582,022
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- ---
Condensed Consolidated Statements of Income
(Unaudited)
Three months ended September 30,
2025 2024
(In thousands, except per-share amounts)
Revenues:
Direct premiums $ 868,651 $ 852,452
Ceded premiums (414,104 ) (412,645 )
Net premiums 454,547 439,807
Commissions and fees 325,490 271,901
Net investment income 42,431 41,109
Investment gains (losses) 652 2,209
Other, net 16,732 19,103
Total revenues 839,852 774,129
Benefits and expenses:
Benefits and claims 172,152 164,363
Future policy benefits remeasurement (gain) loss (23,114 ) (23,019 )
Amortization of deferred policy acquisition costs 81,498 75,539
Sales commissions 174,688 142,254
Insurance expenses 64,131 63,529
Insurance commissions 5,499 7,180
Interest expense 5,985 6,093
Other operating expenses 87,334 83,612
Total benefits and expenses 568,173 519,551
Income from continuing operations before income taxes 271,679 254,578
Income taxes from continuing operations 64,886 59,841
Income from continuing operations 206,793 194,737
Loss from discontinued operations, net of income tax - (30,364 )
Net income $ 206,793 $ 164,373
Basic earnings per share:
Continuing operations $ 6.36 $ 5.73
Discontinued operations - (0.89 )
Basic earnings per share $ 6.36 $ 4.84
Diluted earnings per share:
Continuing operations $ 6.35 $ 5.72
Discontinued operations - (0.89 )
Diluted earnings per share $ 6.35 $ 4.83
Weighted-average shares used in computing <br>earnings per share:
Basic 32,404 33,834
Diluted 32,451 33,891
PRIMERICA, INC. AND SUBSIDIARIES
--- --- --- --- --- --- --- --- --- ---
Consolidated Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended September 30,
2025 2024 % Change
(In thousands, except per-share amounts)
Total revenues $ 839,852 $ 774,129 8 %
Less: Investment (losses) gains 652 2,209
Less: 10% deposit asset MTM included in NII 321 1,830
Adjusted operating revenues $ 838,879 $ 770,090 9 %
Income from continuing operations before income taxes $ 271,679 $ 254,578 7 %
Less: Investment (losses) gains 652 2,209
Less: 10% deposit asset MTM included in NII 321 1,830
Less: Restructuring costs - (2,013 )
Adjusted operating income before income taxes $ 270,706 $ 252,552 7 %
Income from continuing operations $ 206,793 $ 194,737 6 %
Less: Investment (losses) gains 652 2,209
Less: 10% deposit asset MTM included in NII 321 1,830
Less: Restructuring costs - (2,013 )
Less: Tax impact of preceding items (232 ) (476 )
Adjusted net operating income $ 206,052 $ 193,187 7 %
Diluted earnings per share from continuing operations $ 6.35 $ 5.72 11 %
Less: Net after-tax impact of operating adjustments 0.02 0.04
Diluted adjusted operating earnings per share $ 6.33 $ 5.68 11 %
TERM LIFE INSURANCE SEGMENT
--- --- --- --- --- --- --- --- --- ---
Adjusted Premiums Reconciliation
(Unaudited)
Three months ended September 30,
2025 2024 % Change
(In thousands)
Direct premiums $ 864,047 $ 847,626 2 %
Less: Premiums ceded to IPO coinsurers 185,392 198,726
Adjusted direct premiums 678,655 648,900 5 %
Ceded premiums (412,935 ) (411,526 )
Less: Premiums ceded to IPO coinsurers (185,392 ) (198,726 )
Other ceded premiums (227,543 ) (212,800 )
Net premiums $ 451,112 $ 436,100 3 %
CORPORATE AND OTHER DISTRIBUTED PRODUCTS SEGMENT
--- --- --- --- --- --- --- --- ---
Adjusted Operating Results Reconciliation
(Unaudited)
Three months ended September 30,
2025 2024 % Change
(In thousands)
Total revenues $ 57,763 $ 57,750 *
Less: Investment gains (losses) 652 2,209
Less: 10% deposit asset MTM included in NII 321 1,830
Adjusted operating revenues $ 56,790 $ 53,711 6 %
Income (loss) before income taxes $ 4,772 $ (3,687 ) NM
Less: Investment gains (losses) 652 2,209
Less: 10% deposit asset MTM included in NII 321 1,830
Less: Restructuring costs - (2,013 )
Adjusted operating income (loss) before income taxes $ 3,799 $ (5,713 ) NM

* Not calculated or less than 1%

PRIMERICA, INC. AND SUBSIDIARIES
Adjusted Stockholders' Equity Reconciliation
(Unaudited)
September 30, 2025 December 31, 2024 % Change
(In thousands)
Stockholders' equity $ 2,295,890 $ 2,259,041 2 %
Less: Net unrealized gains (losses) on available-for-sale securities (91,682 ) (162,842 )
Less: Effect of change in discount rate assumptions <br> on the liability for future policy benefits 89,692 224,833
Adjusted stockholders' equity $ 2,297,880 $ 2,197,050 5 %

EX-99.2

Exhibit 99.2

img165194719_0.jpg

Supplemental Financial Information

Third Quarter 2025

Table of Contents PRIMERICA, INC.<br><br>Financial Supplement
Page
--- ---
Preface, definition of non-GAAP financial measures 3
Condensed balance sheets and reconciliation of balance sheet non-GAAP to GAAP financial measures 4
Financial results and other statistical data 5
Statements of income 6
Reconciliation of statement of income GAAP to non-GAAP financial measures 7-8
Segment operating results
Term Life Insurance segment - financial results, financial analysis, and key statistics 9-10
Investment and Savings Products segment - financial results, financial analysis, and key statistics 11-12
Corporate & Other Distributed Products segment - financial results 13
Investment portfolio 14-16
Five-year historical key statistics 17

This document may contain forward-looking statements and information. Additional information and factors that could cause actual results to differ materially from any forward-looking statements or information in this document is available in our Form 10-K for the year ended December 31, 2024.

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Preface PRIMERICA, INC.<br><br>Financial Supplement

Third Quarter 2025

This document is a financial supplement to our third quarter 2025 earnings release. It is designed to enable comprehensive analysis of our ongoing business using the same core metrics that our management utilizes in assessing our business and making strategic and operational decisions. Throughout this document we provide financial information that is derived from our U.S. GAAP financial statements for continuing operations and adjusted for three different purposes, as follows:

•Operating adjustments exclude the impact of investment gains/losses, including credit impairments and mark-to-market (MTM) investment adjustments. We exclude investment gains/losses, including credit impairments, and MTM investment adjustments in measuring adjusted operating revenues to eliminate period-over-period fluctuations that may obscure comparisons of operating results due to items such as the timing of recognizing gains and losses and other factors prior to an invested asset's maturity or sale that are not directly associated with the Company's insurance operations. Operating adjustments also exclude the gain recognized for insurance proceeds from a Representation and Warranty insurance policy purchased in connection with the 2021 acquisition of e-TeleQuote Insurance, Inc. and subsidiaries (e-TeleQuote). We exclude this as it represents a non-recurring item that causes incomparability in the Company’s results. Operating adjustments also exclude corporate restructuring and related charges associated with the decision to exit the senior health business. We exclude these charges as they are not useful in evaluating the Company’s ongoing operations. Adjusted net operating income and diluted adjusted operating earnings per share also exclude the tax effect of pre-tax operating adjustments and the valuation allowance recognized for e-TeleQuote's state net operating losses (NOLs). We exclude these items from our non-GAAP financial measures as they represent the tax effect of pre-tax operating adjustments and/or non-recurring items that will cause incomparability between period-over-period results.

•Adjusted stockholders’ equity refers to the removal of the impact of net unrealized gains and losses on invested assets. We exclude unrealized investment gains and losses in measuring adjusted stockholders' equity as unrealized gains and losses from the Company's invested assets are largely caused by market movements in interest rates and credit spreads that do not necessarily correlate with the cash flows we will ultimately realize when an invested asset matures or is sold. Adjusted stockholders' equity also excludes the difference in future policy benefits calculated using the current discount rate and future policy benefits calculated using the locked-in discount rate at contract issuance recognized in accumulated other comprehensive income. We exclude the impact from the difference in the discount rate in measuring adjusted stockholders' equity as it is caused by market movements in interest rates that are not permanent and may not align with the cash flow we will ultimately incur when policy benefits are settled.

•IPO coinsurance transactions adjustments relate to transactions in the first quarter of 2010, where we coinsured between 80% and 90% of our business that was in-force at year-end 2009 to entities then affiliated with Citigroup Inc. that were executed concurrent with our initial public offering (IPO). We exclude amounts ceded under the IPO coinsurance transactions in measuring adjusted direct premiums and other ceded premiums to present meaningful comparisons of the actual premiums economically maintained by the Company. Amounts ceded under the IPO coinsurance transactions will continue to decline over time as policies terminate within this block of business.

Management utilizes these non-GAAP financial measures in managing the business and believes they present relevant and meaningful analytical metrics for evaluating the ongoing business. Reconciliations of non-GAAP to GAAP financial measures are included in this financial supplement.

Certain items throughout this supplement may not add due to rounding and as such, may not agree to other public reporting of the respective item. Certain items throughout this supplement are noted as ‘na’ to indicate not applicable. Certain variances are noted as ‘nm’ to indicate not meaningful. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications, primarily related to the presentation of the senior health business’ results of operations as discontinued operations on the Company’s statements of income. However, balance sheet amounts have not been restated for prior periods to separately present the assets and liabilities related to discontinued operations, which primarily included goodwill, other assets and income taxes. These reclassifications had no impact on net income or total stockholders’ equity.

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Balance Sheets and Reconciliation of Balance Sheet Non-GAAP to GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands) Mar 31,<br>2024 Jun 30,<br>2024 Sep 30,<br>2024 Dec 31,<br>2024 Mar 31,<br>2025 Jun 30,<br>2025 Sep 30,<br>2025 Dec 31,<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balance Sheets
Assets:
Investments and cash excluding securities held to maturity $ 3,456,543 $ 3,502,298 $ 3,629,584 $ 3,714,983 $ 3,784,534 $ 3,798,697 $ 3,885,589
Securities held to maturity 1,376,400 1,353,370 1,330,430 1,303,880 1,285,340 1,258,800 1,241,540
Total investments and cash 4,832,943 4,855,668 4,960,014 5,018,863 5,069,874 5,057,497 5,127,129
Reinsurance recoverables 2,920,417 2,833,055 2,873,528 2,744,165 2,722,544 2,698,144 2,596,597
Deferred policy acquisition costs 3,503,940 3,566,126 3,636,964 3,680,430 3,742,693 3,817,119 3,863,442
Goodwill 127,707 — — — — — —
Other assets 1,189,436 1,056,890 943,524 929,277 935,802 938,583 946,717
Separate account assets 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098 2,318,492 2,313,874
Total assets $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010 $ 14,829,834 $ 14,847,759
Liabilities:
Future policy benefits $ 6,548,050 $ 6,436,332 $ 6,919,418 $ 6,503,064 $ 6,637,937 $ 6,719,044 $ 6,816,778
Other policy liabilities 954,350 908,419 911,485 906,280 907,038 906,558 862,242
Other liabilities 839,550 807,108 626,663 720,248 692,224 641,378 618,061
Debt obligations 593,909 594,110 594,311 594,512 594,713 594,913 595,114
Surplus note 1,376,028 1,353,014 1,330,090 1,303,556 1,285,032 1,258,508 1,241,263
Payable under securities lending 76,648 90,995 85,236 86,034 97,560 83,425 104,535
Separate account liabilities 2,334,911 2,253,966 2,401,137 2,209,287 2,118,098 2,318,492 2,313,874
Total liabilities 12,723,446 12,443,945 12,868,340 12,322,981 12,332,601 12,522,318 12,551,868
Stockholders’ equity:
Common stock (0.01 par value) (1) 346 340 335 334 330 325 321
Paid-in capital — — — — — — —
Retained earnings 2,285,944 2,122,839 2,132,015 2,231,483 2,253,435 2,270,996 2,319,750
Treasury stock — — — — — — —
Accumulated other comprehensive income (loss), net:
(181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 ) (124,629 ) (91,680 )
92,853 201,441 (71,241 ) 224,833 171,599 174,626 89,692
(11,698 ) (15,514 ) (10,771 ) (34,767 ) (35,191 ) (13,803 ) (22,191 )
Total stockholders’ equity 2,185,908 2,121,759 1,946,827 2,259,041 2,256,409 2,307,516 2,295,892
Total liabilities and stockholders' equity $ 14,909,354 $ 14,565,704 $ 14,815,167 $ 14,582,022 $ 14,589,010 $ 14,829,834 $ 14,847,759
Reconciliation of Total Stockholders' Equity to Adjusted Stockholders' Equity
Total stockholders' equity $ 2,185,908 $ 2,121,759 $ 1,946,827 $ 2,259,041 $ 2,256,409 $ 2,307,516 $ 2,295,892
Less: Net unrealized gains (losses) (181,537 ) (187,346 ) (103,510 ) (162,842 ) (133,764 ) (124,629 ) (91,680 )
Less: Effect of change in discount rate assumptions on the liability for future policy benefits 92,853 201,441 (71,241 ) 224,833 171,599 174,626 89,692
Adjusted stockholders’ equity $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519 $ 2,297,880
Adjusted Stockholders' Equity Rollforward
Balance, beginning of period $ 2,275,062 $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519
Net Income 137,904 1,171 164,373 167,071 169,051 178,344 206,793
Shareholder dividends (26,256 ) (25,835 ) (30,515 ) (30,207 ) (34,736 ) (34,209 ) (33,819 )
Retirement of shares and warrants (116,563 ) (142,744 ) (129,672 ) (45,703 ) (126,637 ) (129,124 ) (129,000 )
Net foreign currency translation adjustment (9,463 ) (3,817 ) 4,744 (23,996 ) (424 ) 21,388 (8,388 )
Other, net 13,909 4,297 4,986 8,307 14,270 2,546 4,775
Balance, end of period $ 2,274,592 $ 2,107,665 $ 2,121,579 $ 2,197,050 $ 2,218,574 $ 2,257,519 $ 2,297,880
Deferred Policy Acquisition Costs Rollforward
Balance, beginning of period $ 3,447,234 $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430 $ 3,742,693 $ 3,817,119
General expenses deferred 11,156 11,235 11,424 10,805 10,883 11,605 11,235
Commission costs deferred 125,811 127,800 130,964 128,734 130,162 126,272 122,850
Amortization of deferred policy acquisition costs (72,049 ) (73,643 ) (75,539 ) (76,905 ) (78,550 ) (80,043 ) (81,498 )
Foreign currency impact and other, net (8,211 ) (3,207 ) 3,988 (19,167 ) (232 ) 16,592 (6,263 )
Balance, end of period $ 3,503,940 $ 3,566,126 $ 3,636,964 $ 3,680,430 $ 3,742,693 $ 3,817,119 $ 3,863,442

All values are in US Dollars.

  • Outstanding common shares exclude restricted stock units.

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Financial Results and Other Statistical Data PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except per-share data) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Earnings per Share
Basic earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 32,404,112 ) -4.2 % 34,364,805 32,852,290 ) -4.4 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 6.2 % $ 552,452 $ 554,187 0.3 %
Less income attributable to unvested participating securities (608 ) (96 ) (704 ) (537 ) (585 ) (572 ) (678 ) 3.6 % (1,871 ) (1,837 ) 1.8 %
Net income used in computing basic EPS $ 147,806 $ 209,205 $ 194,033 $ 167,141 $ 168,466 $ 177,772 $ 206,114 6.2 % $ 550,580 $ 552,350 0.3 %
Basic earnings per share $ 4.24 $ 6.08 $ 5.73 $ 4.99 $ 5.06 $ 5.41 $ 6.36 11.0 % $ 16.02 $ 16.81 4.9 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 6.7 % $ 511,665 $ 554,505 8.4 %
Less operating income attributable to unvested participating securities (612 ) (634 ) (719 ) (542 ) (581 ) (579 ) (676 ) 6.0 % (1,976 ) (1,838 ) 7.0 %
Adjusted net operating income used in computing basic operating EPS $ 146,902 $ 170,330 $ 192,467 $ 168,689 $ 167,487 $ 179,806 $ 205,376 6.7 % $ 509,689 $ 552,666 8.4 %
Basic adjusted operating income per share $ 4.21 $ 4.95 $ 5.69 $ 5.04 $ 5.03 $ 5.47 $ 6.34 11.4 % $ 14.83 $ 16.82 13.4 %
Diluted earnings per share:
Weighted-average common shares and fully vested equity awards 34,882,824 34,383,344 33,834,080 33,481,533 33,292,459 32,870,061 32,404,112 ) -4.2 % 34,364,805 32,852,290 ) -4.4 %
Dilutive impact of contingently issuable shares 53,938 56,591 56,960 59,672 49,670 41,352 47,284 ) -17.0 % 55,830 46,102 ) -17.4 %
Shares used to calculate diluted EPS 34,936,762 34,439,935 33,891,040 33,541,205 33,342,129 32,911,413 32,451,396 ) -4.2 % 34,420,635 32,898,392 ) -4.4 %
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 6.2 % $ 552,452 $ 554,187 0.3 %
Less income attributable to unvested participating securities (607 ) (96 ) (703 ) (536 ) (584 ) (571 ) (678 ) 3.6 % (1,869 ) (1,835 ) 1.8 %
Net income used in computing diluted EPS $ 147,807 $ 209,205 $ 194,034 $ 167,141 $ 168,467 $ 177,772 $ 206,115 6.2 % $ 550,583 $ 552,352 0.3 %
Diluted earnings per share $ 4.23 $ 6.07 $ 5.72 $ 4.98 $ 5.05 $ 5.40 $ 6.35 11.0 % $ 16.00 $ 16.79 4.9 %
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 6.7 % $ 511,665 $ 554,505 8.4 %
Less operating income attributable to unvested participating securities (612 ) (633 ) (718 ) (542 ) (580 ) (578 ) (675 ) 6.0 % (1,974 ) (1,836 ) 7.0 %
Adjusted net operating income used in computing diluted operating EPS $ 146,903 $ 170,330 $ 192,468 $ 168,690 $ 167,487 $ 179,807 $ 205,377 6.7 % $ 509,691 $ 552,668 8.4 %
Diluted adjusted operating income per share $ 4.20 $ 4.95 $ 5.68 $ 5.03 $ 5.02 $ 5.46 $ 6.33 11.4 % $ 14.81 $ 16.80 13.4 %
Annualized Return on Equity
Average stockholders' equity $ 2,125,938 $ 2,153,834 $ 2,034,293 $ 2,102,934 $ 2,257,725 $ 2,281,963 $ 2,301,704 13.1 % $ 2,104,688 $ 2,280,464 8.4 %
Average adjusted stockholders' equity $ 2,274,827 $ 2,191,128 $ 2,114,622 $ 2,159,315 $ 2,207,812 $ 2,238,047 $ 2,277,699 7.7 % $ 2,193,526 $ 2,241,186 2.2 %
Net income from continuing ops return on stockholders' equity 27.9 % 38.9 % 38.3 % 31.9 % 30.0 % 31.3 % 35.9 % % nm 35.0 % 32.4 % % nm
Net income from continuing ops return on adjusted stockholders' equity 26.1 % 38.2 % 36.8 % 31.1 % 30.6 % 31.9 % 36.3 % % nm 33.6 % 33.0 % % nm
Adjusted net operating income return on adjusted stockholders' equity 25.9 % 31.2 % 36.5 % 31.3 % 30.4 % 32.2 % 36.2 % % nm 31.1 % 33.0 % % nm
Capital Structure
Debt-to-capital (1) 21.4 % 21.9 % 23.4 % 20.8 % 20.9 % 20.5 % 20.6 % % nm 23.4 % 20.6 % % nm
Debt-to-capital, excluding AOCI (1) 20.6 % 21.9 % 21.8 % 21.0 % 20.9 % 20.8 % 20.4 % % nm 21.8 % 20.4 % % nm
Cash and invested assets to stockholders' equity 2.2 x 2.3 x 2.5 x 2.2 x 2.2 x 2.2 x 2.2 x x) nm 2.5 x 2.2 x x) nm
Cash and invested assets to adjusted stockholders' equity 2.1 x 2.3 x 2.3 x 2.3 x 2.3 x 2.2 x 2.2 x x) nm 2.3 x 2.2 x x) nm
Share count, end of period (2) 34,609,005 33,993,897 33,508,129 33,367,737 33,022,554 32,545,209 32,075,564 ) -4.3 % 33,508,129 32,075,564 ) -4.3 %
Adjusted stockholders' equity per share $ 65.72 $ 62.00 $ 63.32 $ 65.84 $ 67.18 $ 69.37 $ 71.64 13.1 % $ 63.32 $ 71.64 13.1 %
Financial Strength Ratings - Primerica Life Insurance Co
Moody's A1 A1 A1 A1 A1 A1 A1 na na na na na na
S&P AA- AA- AA- AA- AA- AA- AA- na na na na na na
A.M. Best A+ A+ A+ A+ A+ A+ A+ na na na na na na
Holding Company Senior Debt Ratings
Moody's Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 na na na na na na
S&P A- A- A- A- A- A- A- na na na na na na
A.M. Best a- a- a- a- a- a- a- na na na na na na

All values are in US Dollars.

  • Debt-to-capital is that of the parent company only. Capital in the debt-to-capital ratio includes stockholders' equity and the note payable.
  • Share count reflects outstanding common shares, which excludes restricted stock units (RSUs).

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Statements of Income PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
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(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Statements of Income
Revenues:
Direct premiums $ 841,046 $ 845,358 $ 852,452 $ 854,748 $ 858,845 $ 866,254 $ 868,651 1.9 % $ 2,538,856 $ 2,593,750 2.2 %
Ceded premiums (409,764 ) (427,561 ) (412,645 ) (414,463 ) (410,521 ) (433,408 ) (414,104 ) ) -0.4 % (1,249,970 ) (1,258,034 ) ) -0.6 %
Net premiums 431,283 417,797 439,807 440,285 448,323 432,846 454,547 3.4 % 1,288,887 1,335,716 3.6 %
Net investment income 37,806 38,452 41,109 38,134 41,671 40,928 42,431 3.2 % 117,367 125,030 6.5 %
Commissions and fees:
Sales-based (1) 88,746 101,178 96,269 108,240 111,270 115,933 118,637 23.2 % 286,192 345,841 20.8 %
Asset-based (2) 128,532 132,765 142,051 150,208 152,014 154,735 172,286 21.3 % 403,348 479,036 18.8 %
Account-based (3) 23,180 23,740 24,107 24,245 24,195 24,394 24,420 1.3 % 71,027 73,008 2.8 %
Other commissions and fees 8,487 10,511 9,474 11,158 9,477 10,970 10,146 7.1 % 28,472 30,594 7.5 %
Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 ) nm 3,415 (1,457 ) ) nm
Other, net 16,611 66,612 19,103 17,020 17,135 16,394 16,732 ) -12.4 % 102,326 50,261 ) -50.9 %
Total revenues 735,950 790,955 774,129 788,110 804,843 793,334 839,852 8.5 % 2,301,033 2,438,029 6.0 %
Benefits and expenses:
Benefits and claims 166,321 150,030 164,363 167,449 174,862 152,494 172,152 4.7 % 480,714 499,507 3.9 %
Future policy benefits remeasurement (gain)/loss 55 (4,329 ) (23,019 ) 1,374 (3,273 ) (5,895 ) (23,114 ) ) -0.4 % (27,294 ) (32,282 ) ) -18.3 %
Amortization of DAC 72,049 73,643 75,539 76,905 78,550 80,043 81,498 7.9 % 221,231 240,091 8.5 %
Insurance commissions 9,634 7,399 7,180 7,795 6,124 5,751 5,499 ) -23.4 % 24,213 17,374 ) -28.2 %
Insurance expenses 63,149 62,685 63,529 66,256 64,805 64,362 64,131 0.9 % 189,363 193,299 2.1 %
Sales commissions:
Sales-based (1) 62,814 70,509 66,333 75,926 77,267 82,935 82,867 24.9 % 199,655 243,069 21.7 %
Asset-based (2) 64,208 66,525 71,012 76,298 76,246 78,010 87,337 23.0 % 201,745 241,593 19.8 %
Other sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4,484 ) -8.7 % 14,146 14,435 2.0 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 5,985 ) -1.8 % 18,964 17,990 ) -5.1 %
Other operating expenses 93,443 80,506 83,612 86,046 98,338 89,792 87,333 4.5 % 257,561 275,463 7.0 %
Total benefits and expenses 542,561 518,186 519,551 569,598 583,528 558,838 568,173 9.4 % 1,580,297 1,710,539 8.2 %
Income from continuing operations before income taxes 193,389 272,769 254,578 218,512 221,315 234,496 271,679 6.7 % 720,735 727,490 0.9 %
Income taxes 44,975 63,467 59,841 50,835 52,264 56,153 64,886 8.4 % 168,284 173,303 3.0 %
Net Income from continuing operations 148,414 209,301 194,737 167,678 169,051 178,344 206,793 6.2 % 552,452 554,187 0.3 %
Net Loss from discontinued operations net of tax (10,510 ) (208,131 ) (30,364 ) (606 ) — — — 100.0 % (249,005 ) — 100.0 %
Net Income $ 137,904 $ 1,171 $ 164,373 $ 167,071 $ 169,051 $ 178,344 $ 206,793 25.8 % $ 303,447 $ 554,187 82.6 %
Income from Continuing Operations Before Income Taxes by Segment
Term Life Insurance $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 ) -3.2 % $ 464,501 $ 474,482 2.1 %
Investment & Savings Products 65,563 74,783 79,912 81,988 81,270 79,420 94,223 17.9 % 220,257 254,914 15.7 %
Corporate & Other Distributed Products (10,542 ) 50,206 (3,687 ) (3,017 ) (6,741 ) 64 4,771 nm 35,977 (1,906 ) ) -105.3 %
Income before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 $ 271,679 6.7 % $ 720,735 $ 727,490 0.9 %

All values are in US Dollars.

  • Sales-based - revenues or commission expenses relating to the sales of mutual funds and variable annuities.
  • Asset-based - revenues or commission expenses relating to the value of assets in client accounts for which we earn ongoing service, distribution, and other fees.
  • Account-based - revenues relating to the fee generating client accounts we administer.

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Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
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(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from Term Life Insurance Direct Premiums to Term Life Insurance Adjusted Direct Premiums
Term Life Insurance direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 1.9 % $ 2,524,615 $ 2,580,396 2.2 %
Less: Premiums ceded to IPO Coinsurers 206,502 201,566 198,726 195,039 191,477 187,988 185,392 ) -6.7 % 606,794 564,857 ) -6.9 %
Term Life Insurance adjusted direct premiums $ 629,819 $ 639,102 $ 648,900 $ 655,628 $ 662,953 $ 673,931 $ 678,655 4.6 % $ 1,917,820 $ 2,015,539 5.1 %
Reconciliation from Term Life Insurance Ceded Premiums to Term Life Insurance Other Ceded Premiums
Term Life Insurance ceded premiums $ (408,558 ) $ (426,348 ) $ (411,526 ) $ (412,916 ) $ (409,334 ) $ (432,306 ) $ (412,935 ) ) -0.3 % $ (1,246,433 ) $ (1,254,576 ) ) -0.7 %
Less: Premiums ceded to IPO Coinsurers (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) (185,392 ) 6.7 % (606,794 ) (564,857 ) 6.9 %
Term Life Insurance other ceded premiums $ (202,056 ) $ (224,782 ) $ (212,800 ) $ (217,876 ) $ (217,857 ) $ (244,318 ) $ (227,543 ) ) -6.9 % $ (639,638 ) $ (689,719 ) ) -7.8 %
Reconciliation from Net Investment Income to Adjusted Net Investment Income
Net Investment Income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 $ 42,431 3.2 % $ 117,367 $ 125,030 6.5 %
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 nm nm 1,883 1,033 nm nm
Adjusted net investment income $ 37,943 $ 38,263 $ 39,279 $ 38,980 $ 41,141 $ 40,746 $ 42,110 7.2 % $ 115,485 $ 123,997 7.4 %
Reconciliation from Other Operating Expenses to Adjusted other operating expenses
Other operating expenses $ 93,443 $ 80,506 $ 83,612 $ 86,046 $ 98,338 $ 89,792 $ 87,333 4.5 % $ 257,561 $ 275,463 7.0 %
Less: Restructuring costs — 824 2,013 — — — — nm nm 2,837 — nm nm
Adjusted other operating expenses $ 93,443 $ 79,682 $ 81,599 $ 86,046 $ 98,338 $ 89,792 $ 87,333 7.0 % $ 254,724 $ 275,463 8.1 %
Reconciliation from Total Revenues to Adjusted Operating Revenues
Total revenues $ 735,950 $ 790,955 $ 774,129 $ 788,110 $ 804,843 $ 793,334 $ 839,852 8.5 % $ 2,301,033 $ 2,438,029 6.0 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 nm nm 3,415 (1,457 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 nm nm 1,883 1,033 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — nm nm 50,000 — nm nm
Adjusted operating revenues $ 734,781 $ 740,865 $ 770,089 $ 790,135 $ 803,556 $ 796,018 $ 838,879 8.9 % $ 2,245,735 $ 2,438,453 8.6 %
Reconciliation from Income from Continuing Operations Before Income Taxes to Adjusted Operating Income Before Income Taxes
Income from continuing operations before income taxes $ 193,389 $ 272,769 $ 254,578 $ 218,512 $ 221,315 $ 234,496 $ 271,679 6.7 % $ 720,735 $ 727,490 0.9 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 nm nm 3,415 (1,457 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 nm nm 1,883 1,033 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — nm nm (2,837 ) — nm nm
Adjusted operating income before income taxes $ 192,220 $ 223,503 $ 252,552 $ 220,537 $ 220,028 $ 237,181 $ 270,706 7.2 % $ 668,275 $ 727,914 8.9 %
Reconciliation from Net Income from Continuing Operations to Adjusted Net Operating Income
Net income from continuing operations $ 148,414 $ 209,301 $ 194,737 $ 167,678 $ 169,051 $ 178,344 $ 206,793 6.2 % $ 552,452 $ 554,187 0.3 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 nm nm 3,415 (1,457 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 nm nm 1,883 1,033 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — nm nm (2,837 ) — nm nm
Less: Tax impact of preceding items (269 ) 152 (476 ) 471 (304 ) 643 (232 ) nm nm (594 ) 106 nm nm
Less: Valuation allowance on Senior Health NOLs — (11,080 ) — — — — — nm nm (11,080 ) — nm nm
Adjusted net operating income $ 147,515 $ 170,964 $ 193,187 $ 169,231 $ 168,068 $ 180,385 $ 206,052 6.7 % $ 511,665 $ 554,505 8.4 %

All values are in US Dollars.

7 of 17

Reconciliation of Statement of Income GAAP to Non-GAAP Financial Measures PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Reconciliation from C&O Income Before Income Taxes to C&O Adjusted Operating Income Before Income Taxes
Income before income taxes $ (10,542 ) $ 50,206 $ (3,687 ) $ (3,017 ) $ (6,741 ) $ 64 $ 4,771 nm $ 35,977 $ (1,906 ) ) -105.3 %
Less: Investment (losses) gains 1,305 (99 ) 2,209 (1,179 ) 757 (2,866 ) 652 nm nm 3,415 (1,457 ) nm nm
Less: MTM investment adjustments (137 ) 189 1,830 (846 ) 530 182 321 nm nm 1,883 1,033 nm nm
Less: Insurance claim proceeds — 50,000 — — — — — nm nm 50,000 — nm nm
Less: Restructuring costs — (824 ) (2,013 ) — — — — nm nm (2,837 ) — nm nm
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 $ 3,798 nm $ (16,483 ) $ (1,482 ) 91.0 %

All values are in US Dollars.

8 of 17

Term Life Insurance - Financial Results and Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Term Life Insurance Income Before Income Taxes
Revenues:
Direct Premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 1.9 % $ 2,524,615 $ 2,580,396 2.2 %
Premiums ceded to IPO coinsurers (1) (206,502 ) (201,566 ) (198,726 ) (195,039 ) (191,477 ) (187,988 ) (185,392 ) 6.7 % (606,794 ) (564,857 ) 6.9 %
Adjusted direct premiums (2) 629,819 639,102 648,900 655,628 662,953 673,931 678,655 4.6 % 1,917,820 2,015,539 5.1 %
Other ceded premiums (3) (202,056 ) (224,782 ) (212,800 ) (217,876 ) (217,857 ) (244,318 ) (227,543 ) ) -6.9 % (639,638 ) (689,719 ) ) -7.8 %
Net premiums 427,762 414,320 436,099 437,752 445,096 429,613 451,112 3.4 % 1,278,182 1,325,821 3.7 %
Other, net 12,649 12,624 14,206 12,826 12,745 12,221 12,189 ) -14.2 % 39,479 37,155 ) -5.9 %
Revenues 440,412 426,944 450,305 450,578 457,842 441,834 463,301 2.9 % 1,317,661 1,362,976 3.4 %
Benefits and expenses:
Benefits and claims 163,847 146,268 160,652 164,588 171,243 148,725 168,319 4.8 % 470,766 488,287 3.7 %
Future policy benefits remeasurement (gain)/loss (319 ) (4,280 ) (28,203 ) 1,537 (3,402 ) (5,743 ) (23,392 ) 17.1 % (32,802 ) (32,537 ) 0.8 %
Amortization of DAC 70,491 71,916 73,698 75,383 76,921 78,386 79,876 8.4 % 216,105 235,184 8.8 %
Insurance commissions 6,047 3,785 3,410 4,422 2,649 2,238 2,755 ) -19.2 % 13,242 7,641 ) -42.3 %
Insurance expenses 61,979 61,476 62,395 65,107 63,645 63,216 63,058 1.1 % 185,849 189,919 2.2 %
Benefits and expenses 302,044 279,164 271,952 311,037 311,056 286,821 290,616 6.9 % 853,161 888,494 4.1 %
Income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 ) -3.2 % $ 464,501 $ 474,482 2.1 %
Total Term Life Insurance - Financial Analysis
Post-IPO direct premiums (4) $ 508,687 $ 517,691 $ 525,697 $ 530,867 $ 538,072 $ 547,938 $ 551,915 5.0 % $ 1,552,074 $ 1,637,925 5.5 %
Pre-IPO direct premiums (5) 327,634 322,977 321,929 319,800 316,359 313,981 312,132 ) -3.0 % 972,541 942,471 ) -3.1 %
Total direct premiums $ 836,321 $ 840,668 $ 847,626 $ 850,667 $ 854,430 $ 861,919 $ 864,047 1.9 % $ 2,524,615 $ 2,580,396 2.2 %
Premiums ceded to IPO coinsurers $ 206,502 $ 201,566 $ 198,726 $ 195,039 $ 191,477 $ 187,988 $ 185,392 ) -6.7 % $ 606,794 $ 564,857 ) -6.9 %
% of Pre-IPO direct premiums 63.0 % 62.4 % 61.7 % 61.0 % 60.5 % 59.9 % 59.4 % nm nm 62.4 % 59.9 % nm nm
Benefits and claims, net (6) $ 365,584 $ 366,770 $ 345,249 $ 384,002 $ 385,698 $ 387,300 $ 372,471 7.9 % $ 1,077,602 $ 1,145,469 6.3 %
% of adjusted direct premiums 58.0 % 57.4 % 53.2 % 58.6 % 58.2 % 57.5 % 54.9 % nm nm 56.2 % 56.8 % nm nm
DAC amortization & insurance commissions $ 76,538 $ 75,701 $ 77,108 $ 79,805 $ 79,570 $ 80,624 $ 82,631 7.2 % $ 229,347 $ 242,825 5.9 %
% of adjusted direct premiums 12.2 % 11.8 % 11.9 % 12.2 % 12.0 % 12.0 % 12.2 % nm nm 12.0 % 12.0 % nm nm
Insurance expenses, net (7) $ 49,329 $ 48,851 $ 48,189 $ 52,281 $ 50,900 $ 50,995 $ 50,869 5.6 % $ 146,370 $ 152,763 4.4 %
% of adjusted direct premiums 7.8 % 7.6 % 7.4 % 8.0 % 7.7 % 7.6 % 7.5 % nm nm 7.6 % 7.6 % nm nm
Total Term Life income before income taxes $ 138,367 $ 147,780 $ 178,353 $ 139,541 $ 146,785 $ 155,012 $ 172,684 ) -3.2 % $ 464,501 $ 474,482 2.1 %
Term Life operating margin (8) 22.0 % 23.1 % 27.5 % 21.3 % 22.1 % 23.0 % 25.4 % nm nm 24.2 % 23.5 % nm nm

All values are in US Dollars.

  • Premiums ceded to IPO coinsurers - premiums ceded to IPO coinsurers under the IPO coinsurance transactions excluding any reimbursements from the IPO coinsurers on previously existing reinsurance agreements.
  • Adjusted direct premiums - direct premiums net of premiums ceded to IPO coinsurers.
  • Other ceded premiums - premiums ceded to non-IPO coinsurers net of any applicable reimbursements from the IPO coinsurers.
  • Post-IPO direct premiums - direct premiums not subject to the 2010 IPO coinsurance transactions.
  • Pre-IPO direct premiums - direct premiums subject to the 2010 IPO coinsurance transactions.
  • Benefits and claims, net - benefits & claims and remeasurement (gain)/loss net of other ceded premiums which are largely yearly renewable term.
  • Insurance expenses, net - insurance expenses net of other, net revenues.
  • Term Life Insurance operating margin - Term Life operating income before income taxes as a percentage of adjusted direct premiums.

9 of 17

Term Life Insurance - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Life-insurance licensed sales force, beginning of period 141,572 142,855 145,789 148,890 151,611 152,167 152,592 4.7 % 141,572 151,611 7.1 %
12,949 14,402 14,349 14,620 12,339 12,903 12,482 ) -13.0 % 41,700 37,724 ) -9.5 %
(11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 ) (12,874 ) ) -14.5 % (34,382 ) (37,135 ) ) -8.0 %
Life-insurance licensed sales force, end of period 142,855 145,789 148,890 151,611 152,167 152,592 152,200 2.2 % 148,890 152,200 2.2 %
Estimated annualized issued term life premium (mills) (1):
$ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5 $ 69.8 ) -12.9 % $ 239.9 $ 222.7 ) -7.2 %
18.1 19.9 18.8 17.9 18.5 20.2 19.0 0.8 % 56.8 57.7 1.6 %
Total estimated annualized issued term life premium $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7 $ 88.8 ) -10.3 % $ 296.7 $ 280.4 ) -5.5 %
Issued term life policies 86,587 100,768 93,377 89,664 86,415 89,850 79,379 ) -15.0 % 280,732 255,644 ) -8.9 %
Estimated average annualized issued term life premium per policy (1)(2) $ 844 $ 860 $ 859 $ 871 $ 861 $ 874 $ 879 2.4 % $ 855 $ 871 2.0 %
Term life face amount in-force, beginning of period (mills) $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 1.8 % $ 944,609 $ 953,583 0.9 %
28,725 33,155 30,793 29,560 28,455 30,292 27,067 ) -12.1 % 92,673 85,814 ) -7.4 %
(23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 ) (26,159 ) ) -3.5 % (76,827 ) (75,934 ) 1.2 %
(2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834 (2,196 ) ) nm (2,644 ) 3,561 nm
Term life face amount in-force, end of period $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024 1.0 % $ 957,811 $ 967,024 1.0 %

All values are in US Dollars.

  • Estimated annualized issued term life premium - estimated as average premium per $1,000 of face amounts issued on new policies and additions (before free look returns) multiplied by actual face amount issued on new policies, rider additions and face amount increases.
  • In whole dollars.
  • Issued term life face amount - includes face amount on issued term life policies, additional riders added to existing policies, and face increases under increasing benefit riders.

10 of 17

Investment and Savings Products - Financial Results and Financial Analysis PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands, except as noted) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Investment & Savings Products Income Before Income Taxes
Revenues:
Commissions and fees:
Sales-based $ 88,746 $ 101,178 $ 96,269 $ 108,240 $ 111,270 $ 115,933 $ 118,637 23.2 % $ 286,192 $ 345,841 20.8 %
Asset-based 128,532 132,765 142,051 150,208 152,014 154,735 172,286 21.3 % 403,348 479,036 18.8 %
Account-based 23,180 23,740 24,107 24,245 24,195 24,394 24,420 1.3 % 71,027 73,008 2.8 %
Other, net 3,258 3,224 3,646 3,355 3,333 3,236 3,445 ) -5.5 % 10,128 10,013 ) -1.1 %
Revenues 243,716 260,906 266,073 286,048 290,812 298,297 318,789 19.8 % 770,695 907,898 17.8 %
Benefits and expenses:
Amortization of DAC 1,201 1,478 1,540 1,225 1,337 1,368 1,355 ) -12.0 % 4,219 4,060 ) -3.8 %
Insurance commissions 3,400 3,343 3,499 3,397 3,277 3,468 3,485 ) -0.4 % 10,242 10,229 ) -0.1 %
Sales commissions:
Sales-based 62,814 70,509 66,333 75,926 77,267 82,935 82,867 24.9 % 199,655 243,069 21.7 %
Asset-based 64,208 66,525 71,012 76,298 76,246 78,010 87,337 23.0 % 201,745 241,593 19.8 %
Other operating expenses 46,531 44,269 43,778 47,214 51,414 53,096 49,522 13.1 % 134,577 154,032 14.5 %
Benefits and expenses 178,153 186,123 186,161 204,060 209,541 218,877 224,565 20.6 % 550,438 652,983 18.6 %
Income before income taxes $ 65,563 $ 74,783 $ 79,912 $ 81,988 $ 81,270 $ 79,420 $ 94,223 17.9 % $ 220,257 $ 254,914 15.7 %
Financial Analysis
Fees paid based on client asset values (1) $ 9,342 $ 9,548 $ 10,156 $ 11,213 $ 10,915 $ 11,404 $ 12,285 21.0 % $ 29,046 $ 34,604 19.1 %
Fees paid based on fee-generating positions (2) 11,426 10,483 10,392 10,538 12,410 11,015 10,341 ) -0.5 % 32,300 33,766 4.5 %
Other operating expenses 25,763 24,238 23,230 25,463 28,089 30,676 26,896 15.8 % 73,231 85,661 17.0 %
Total other operating expenses $ 46,531 $ 44,269 $ 43,778 $ 47,214 $ 51,414 $ 53,096 $ 49,522 13.1 % $ 134,577 $ 154,032 14.5 %
Sales-based variable margin as % of revenue-generating sales (3)
U.S. 1.25 % 1.33 % 1.37 % 1.35 % 1.37 % 1.29 % 1.38 % nm nm 1.32 % 1.34 % nm nm
Canada 0.48 % 0.37 % 0.34 % 0.31 % 0.35 % 0.35 % 0.35 % nm nm 0.40 % 0.35 % nm nm
Total 1.19 % 1.27 % 1.31 % 1.27 % 1.28 % 1.23 % 1.31 % nm nm 1.26 % 1.27 % nm nm
Asset-based variable margin as % of average asset values (4)
U.S. 0.041 % 0.041 % 0.042 % 0.042 % 0.043 % 0.043 % 0.044 % nm nm 0.123 % 0.130 % nm nm
Canada 0.104 % 0.104 % 0.109 % 0.109 % 0.113 % 0.109 % 0.115 % nm nm 0.317 % 0.336 % nm nm
Total 0.051 % 0.050 % 0.052 % 0.052 % 0.053 % 0.053 % 0.055 % nm nm 0.153 % 0.162 % nm nm
Account-based variable margin per average fee generating position (5)(6) $ 3.67 $ 4.10 $ 4.21 $ 4.18 $ 3.57 $ 4.02 $ 4.20 nm nm $ 11.98 $ 11.79 nm nm

All values are in US Dollars.

  • Fees paid based on client asset values - administration fees on Canadian Segregated Funds and advisory fees on Managed Accounts that vary directly with client asset values.
  • Fees paid based on fee-generating positions - recordkeeping fees that vary with the number of fee-generating positions.
  • Sales-based variable margin - commission and fee revenue less commissions paid to the sales force based on product sales activity.
  • Asset-based variable margin - commission and fee revenue less administration and advisory fees paid to third-party providers and commissions paid to the sales force earned based on product account values including amortization of deferred acquisition costs for segregated funds.
  • Account-based variable margin - fee revenue less recordkeeping fees paid to third-party providers based on fee-generating positions and certain direct general expenses.
  • In whole dollars.

11 of 17

Investment and Savings Products - Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Key Statistics
Product sales (mills)
$ 1,162.2 $ 1,228.6 $ 1,162.7 $ 1,241.3 $ 1,317.9 $ 1,244.0 $ 1,298.4 11.7 % $ 3,553.5 $ 3,860.3 8.6 %
179.6 147.6 146.2 192.1 220.7 168.5 185.7 27.1 % 473.4 574.9 21.4 %
81.0 98.0 89.5 86.7 71.1 93.0 72.7 ) -18.8 % 268.5 236.8 ) -11.8 %
756.0 941.4 891.5 1,023.8 1,038.9 1,178.7 1,180.6 32.4 % 2,588.9 3,398.1 31.3 %
Total sales-based revenue generating product sales 2,178.8 2,415.6 2,289.9 2,543.9 2,648.6 2,684.2 2,737.4 19.5 % 6,884.3 8,070.2 17.2 %
370.9 456.1 411.9 548.7 596.7 634.1 717.2 74.1 % 1,238.8 1,948.0 57.2 %
197.7 196.5 189.4 213.9 296.4 218.6 244.7 29.2 % 583.6 759.7 30.2 %
23.0 14.8 13.9 14.0 17.7 11.5 12.6 ) -9.7 % 51.7 41.8 ) -19.2 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9 27.8 % $ 8,758.4 $ 10,819.6 23.5 %
$ 377.4 $ 344.1 $ 335.6 $ 406.0 $ 517.1 $ 387.1 $ 430.4 28.3 % $ 1,057.0 $ 1,334.6 26.3 %
23.0 14.8 13.9 14.0 17.7 11.5 12.6 ) -9.7 % 51.7 41.8 ) -19.2 %
Total Canada product sales 400.4 358.8 349.5 420.1 534.8 398.6 443.0 26.7 % 1,108.7 1,376.4 24.1 %
Total U.S. product sales 2,370.0 2,724.1 2,555.6 2,900.5 3,024.6 3,149.8 3,268.9 27.9 % 7,649.7 9,443.2 23.4 %
Total product sales $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9 27.8 % $ 8,758.4 $ 10,819.6 23.5 %
Client asset values, beginning of period (mills) $ 96,735 $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 $ 120,224 14.4 % $ 96,735 $ 112,081 15.9 %
2,770 3,083 2,905 3,321 3,559 3,548 3,712 27.8 % 8,758 10,820 23.5 %
(2,694 ) (2,856 ) (2,650 ) (2,804 ) (3,017 ) (3,062 ) (3,349 ) ) -26.4 % (8,201 ) (9,428 ) ) -15.0 %
Net flows 76 227 255 517 542 487 363 42.4 % 557 1,392 149.7 %
(392 ) (163 ) 203 (1,022 ) (12 ) 900 (357 ) ) nm (352 ) 531 nm
6,921 1,708 5,676 1,340 (2,703 ) 8,931 6,562 15.6 % 14,306 12,790 ) -10.6 %
Client asset values, end of period $ 103,340 $ 105,112 $ 111,247 $ 112,081 $ 109,908 $ 120,224 $ 126,793 14.0 % $ 111,247 $ 126,793 14.0 %
0.3 % 0.9 % 1.0 % 1.9 % 1.9 % 1.8 % 1.2 % % nm 0.8 % 1.7 % % nm
Average client asset values (mills)
$ 49,013 $ 50,560 $ 52,721 $ 54,630 $ 54,649 $ 54,324 $ 58,410 10.8 % $ 50,765 $ 55,794 9.9 %
12,850 13,259 13,959 14,442 14,555 15,153 16,452 17.9 % 13,356 15,387 15.2 %
8,806 9,376 10,216 11,010 11,537 12,167 13,759 34.7 % 9,466 12,488 31.9 %
2,824 2,868 2,908 2,959 3,003 3,033 3,061 5.3 % 2,867 3,033 5.8 %
23,665 24,663 26,014 26,970 27,086 27,075 29,127 12.0 % 24,781 27,763 12.0 %
2,344 2,266 2,334 2,312 2,189 2,223 2,307 ) -1.2 % 2,315 2,239 ) -3.3 %
Total $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117 13.8 % $ 103,549 $ 116,703 12.7 %
$ 12,850 $ 13,259 $ 13,959 $ 14,442 $ 14,555 $ 15,153 $ 16,452 17.9 % $ 13,356 $ 15,387 15.2 %
2,344 2,266 2,334 2,312 2,189 2,223 2,307 ) -1.2 % 2,315 2,239 ) -3.3 %
Total Canada average client assets 15,194 15,526 16,293 16,754 16,743 17,376 18,759 15.1 % 15,671 17,626 12.5 %
Total U.S. average client assets 84,308 87,468 91,858 95,570 96,274 96,599 104,358 13.6 % 87,878 99,077 12.7 %
Total average client assets $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117 13.8 % $ 103,549 $ 116,703 12.7 %
Average number of fee-generating positions (thous) (3)
2,359 2,378 2,393 2,407 2,419 2,437 2,448 2.3 % 2,377 2,435 2.4 %
847 857 865 874 885 893 902 4.2 % 857 893 4.3 %
Total 3,206 3,235 3,258 3,281 3,304 3,330 3,350 2.8 % 3,233 3,328 2.9 %

All values are in US Dollars.

  • Asset value outflows - include (a) redemptions of assets, (b) sales charges on the inflow sales figures, and (c) the net flow of money market funds sold and redeemed on the Company's recordkeeping platform. The redemptions of assets must be estimated for approximately 4% of account values as these figures are not readily available. Actual redemptions as a percentage of account values for similar known account values are used to estimate the unknown redemption values.
  • Change in market value, net - market value fluctuations net of fees and expenses.
  • Fee generating positions - mutual fund positions for which we receive recordkeeping fees. An individual client account may include multiple mutual fund positions. We may also receive fees earned for custodial services that we provide to clients with retirement plan accounts that hold positions in these mutual funds.

12 of 17

Corporate Other Distributed Products - Financial Results PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3 YOY YTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change YTD 2024 YTD 2025 Change %<br>Change
Corporate & Other Distributed Products Income Before Income Taxes
Revenues:
Direct premiums $ 4,725 $ 4,690 $ 4,826 $ 4,081 $ 4,414 $ 4,335 $ 4,604 ) -4.6 % $ 14,241 $ 13,354 ) -6.2 %
Ceded premiums (1,205 ) (1,213 ) (1,118 ) (1,548 ) (1,187 ) (1,102 ) (1,169 ) ) -4.5 % (3,537 ) (3,458 ) 2.2 %
Net premiums 3,520 3,477 3,708 2,533 3,227 3,233 3,435 ) -7.4 % 10,705 9,895 ) -7.6 %
Adjusted net investment income 37,943 38,263 39,279 38,980 41,141 40,746 42,110 7.2 % 115,485 123,997 7.4 %
Commissions and fees:
Prepaid legal services 3,591 3,924 4,070 4,373 3,682 4,009 2,304 ) -43.4 % 11,586 9,994 ) -13.7 %
Auto and homeowners insurance 1,777 2,413 1,375 2,280 1,966 2,440 2,941 113.9 % 5,566 7,347 32.0 %
Mortgage loans 1,499 2,211 2,384 2,750 2,129 3,020 3,281 37.6 % 6,095 8,430 38.3 %
Other sales commissions 1,618 1,963 1,645 1,755 1,701 1,502 1,620 ) -1.5 % 5,226 4,823 ) -7.7 %
Adjusted other, net 704 764 1,251 838 1,057 938 1,098 ) -12.2 % 2,718 3,093 13.8 %
Adjusted operating revenues 50,653 53,014 53,711 53,509 54,902 55,887 56,789 5.7 % 157,379 167,579 6.5 %
Benefits and expenses:
Benefits and claims 2,475 3,762 3,712 2,861 3,619 3,769 3,833 3.3 % 9,948 11,220 12.8 %
Future policy benefits remeasurement (gain)/loss 374 (49 ) 5,184 (163 ) 128 (152 ) 278 ) -94.6 % 5,509 255 ) -95.4 %
Amortization of DAC 357 250 300 298 291 288 267 ) -11.0 % 907 847 ) -6.6 %
Insurance commissions 187 271 272 (24 ) 199 45 (741 ) ) nm 729 (497 ) ) nm
Insurance expenses 1,171 1,209 1,134 1,149 1,160 1,147 1,074 ) -5.3 % 3,513 3,380 ) -3.8 %
Sales commissions 4,117 5,120 4,909 5,479 4,605 5,346 4,484 ) -8.7 % 14,146 14,435 2.0 %
Interest expense 6,771 6,099 6,093 6,070 6,004 6,000 5,985 ) -1.8 % 18,964 17,990 ) -5.1 %
Adjusted other operating expenses 46,913 35,413 37,821 38,831 46,924 36,696 37,811 ) nm 120,147 121,431 1.1 %
Adjusted benefits and expenses 62,363 52,074 59,425 54,501 62,930 53,139 52,992 ) -10.8 % 173,862 169,061 ) -2.8 %
Adjusted operating income before income taxes $ (11,710 ) $ 940 $ (5,713 ) $ (992 ) $ (8,028 ) $ 2,748 $ 3,798 nm $ (16,483 ) $ (1,482 ) 91.0 %

All values are in US Dollars.

13 of 17

Investment Portfolio - Summary of Holdings PRIMERICA, INC.<br><br>Financial Supplement
As of or for the period ended September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
% of Total Avg
Market Amortized Unrealized Market Amortized Book Avg
(Dollars in thousands) Value Cost G/(L) Value Cost Yield Rating
Investment Portfolio by Asset Class
Cash, Cash Equivalents, and Short Term $ 644,855 $ 644,855 $ - 16.8 % 16.3 %
Fixed Income:
Treasury 16,091 16,327 (236 ) 0.4 % 0.4 % 3.2 % AAA
Government 246,988 258,763 (11,775 ) 6.4 % 6.6 % 3.4 % AA-
Tax-Exempt Municipal 46,305 48,545 (2,241 ) 1.2 % 1.2 % 3.4 % AA
Corporate 1,605,946 1,642,799 (36,853 ) 41.9 % 41.6 % 4.4 % BBB+
Mortgage Backed 618,975 666,644 (47,669 ) 16.2 % 16.9 % 4.1 % AAA
Asset Backed 186,304 189,800 (3,495 ) 4.9 % 4.8 % 4.4 % A+
Cmbs 86,938 94,236 (7,298 ) 2.3 % 2.4 % 3.7 % AA-
Private 349,058 355,252 (6,194 ) 9.1 % 9.0 % 5.2 % BBB+
Redeemable Preferred 3,845 4,248 (403 ) 0.1 % 0.1 % 5.2 % BBB-
Total Fixed Income 3,160,449 3,276,614 (116,165 ) 82.5 % 83.0 % 4.3 % A
Equities and Other:
Perpetual Preferred 3,530 3,530 - 0.1 % 0.1 %
Common Stock 18,651 18,651 - 0.5 % 0.5 %
Mutual Fund 3,960 3,960 0 0.1 % 0.1 %
Total Equities 26,140 26,140 0 0.7 % 0.7 %
Total Invested Assets $ 3,831,444 $ 3,947,609 $ (116,165 ) 100.0 % 100.0 %
Public Corporate Portfolio by Sector
Insurance $ 214,275 $ 218,608 $ (4,333 ) 13.3 % 13.3 %
Energy 205,049 208,421 (3,372 ) 12.8 % 12.7 %
Consumer Non Cyclical ** 165,294 173,114 (7,820 ) 10.3 % 10.5 %
Reits 123,881 129,820 (5,939 ) 7.7 % 7.9 %
Consumer Cyclical 123,359 126,359 (3,000 ) 7.7 % 7.7 %
Electric 113,553 115,199 (1,647 ) 7.1 % 7.0 %
Technology 104,336 106,544 (2,208 ) 6.5 % 6.5 %
Capital Goods 100,220 99,023 1,197 6.2 % 6.0 %
Banking 92,556 93,465 (909 ) 5.8 % 5.7 %
Basic Industry 69,237 69,337 (100 ) 4.3 % 4.2 %
Transportation 68,768 72,865 (4,097 ) 4.3 % 4.4 %
Communications 64,545 65,632 (1,087 ) 4.0 % 4.0 %
Brokerage 63,432 64,731 (1,299 ) 3.9 % 3.9 %
Finance Companies 60,051 61,077 (1,026 ) 3.7 % 3.7 %
Natural Gas 20,297 20,244 53 1.3 % 1.2 %
Industrial Other 6,181 6,705 (524 ) 0.4 % 0.4 %
Financial Other 4,862 4,936 (74 ) 0.3 % 0.3 %
Utility Other 3,943 4,392 (449 ) 0.2 % 0.3 %
Owned No Guarantee 2,106 2,325 (219 ) 0.1 % 0.1 %
Total Corporate portfolio $ 1,605,946 $ 1,642,799 $ (36,853 ) 100.0 % 100.0 %
Fixed-Maturity Securities - Effective Maturity
Effective maturity
< 1 Yr. $ 278,973 $ 280,092 $ (1,120 ) 8.8 % 8.5 % 3.7 %
1-2 Yrs. 262,587 264,685 (2,098 ) 8.3 % 8.1 % 3.8 %
2-5 Yrs. 798,931 808,628 (9,697 ) 25.3 % 24.7 % 4.3 %
5-10 Yrs. 1,161,099 1,234,984 (73,885 ) 36.7 % 37.7 % 4.0 %
> 10 Yrs. 658,860 688,225 (29,365 ) 20.8 % 21.0 % 5.2 %
Total Fixed Income $ 3,160,449 $ 3,276,614 $ (116,165 ) 100.0 % 100.0 % 4.3 %
Duration
Fixed Income portfolio duration 5.4 years

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

14 of 17

Investment Portfolio - Quality Ratings As of June 30, 2025 PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in thousands)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investment Portfolio Quality Ratings (1)
Amortized Cost % of Total
Total Fixed Income portfolio:
Rating
AAA $ 633,206 19.3 %
AA 478,586 14.6 %
A 787,464 24.0 %
BBB 1,343,722 41.0 %
Below Investment Grade 30,845 0.9 %
NA 2,790 0.1 %
Total Fixed Income $ 3,276,614 100.0 %
Amortized Cost % of Total Amortized Cost % of Total
Public Corporate asset class: Private Placement asset class:
Rating Rating
AAA $ 2,213 0.1 % AAA $ - —
AA 86,874 5.3 % AA 8,860 2.5 %
A 465,872 28.4 % A 90,611 25.5 %
BBB 1,058,310 64.4 % BBB 255,781 72.0 %
Below Investment Grade 29,329 1.8 % Below Investment Grade - —
NA 201 0.0 % NA - —
Total Corporate $ 1,642,799 100.0 % Total Private $ 355,252 100.0 %
CMBS asset class: Mortgage-Backed asset class:
Rating Rating
AAA $ 25,796 27.4 % AAA $ 523,900 78.6 %
AA 24,766 26.3 % AA 142,598 21.4 %
A 32,788 34.8 % A - —
BBB 9,426 10.0 % BBB - —
Below Investment Grade 1,460 1.5 % Below Investment Grade 55 0.0 %
NA - — NA 90 0.0 %
Total CMBS $ 94,236 100.0 % Total Mortgage-Backed $ 666,644 100.0 %
Asset-Backed asset class: Treasury & Government asset classes:
Rating Rating
AAA $ 49,035 25.8 % AAA $ 31,594 11.5 %
AA 30,824 16.2 % AA 152,663 55.5 %
A 107,441 56.6 % A 75,880 27.6 %
BBB - — BBB 14,952 5.4 %
Below Investment Grade - — Below Investment Grade - —
NA 2,500 1.3 % NA - —
Total Asset-Backed $ 189,800 100.0 % Total Treasury & Government $ 275,090 100.0 %
NAIC Designations
1 $ 1,591,184 55.5 %
2 1,212,670 43.6 %
3 19,600 0.8 %
4 3,213 0.2 %
5 - —
6 - —
U.S. Insurer Fixed Income (2) 2,826,668 100.0 %
Other (3) 476,132
Cash and cash equivalents 644,855
Total Invested Assets $ 3,947,655
  • Ratings method for split ratings: If by 2 NRSROs, use lower of the two; if by 3 or more NRSROs, use second lowest.
  • NAIC ratings for our U.S. insurance companies' fixed income portfolios.
  • Other consists of assets held by our non-life companies, Canadian insurance company, and unrated equities.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

15 of 17

Investment Portfolio - Supplemental Data and Trends PRIMERICA, INC.<br><br>Financial Supplement
YOY Q3
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(Dollars in thousands) Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 Change %<br>Change
Net Investment Income by Source
Fixed-maturity securities (available-for-sale) $ 29,936 $ 30,618 $ 31,990 $ 32,867 $ 33,513 $ 34,346 $ 35,218 10.1%
Fixed-maturity securities (held-to-maturity) 15,785 15,659 15,908 15,300 14,669 14,621 14,476 ) -9.0%
Equity Securities 390 323 324 327 314 315 318 ) -1.9%
Deposit asset underlying 10% reinsurance treaty 2,311 2,211 2,129 2,007 1,857 1,736 1,659 ) -22.1%
Deposit asset - Mark to Market (137 ) 189 1,830 (846 ) 530 182 321 ) -82.5%
Policy loans and other invested assets 461 544 402 139 1,032 482 611 52.0%
Cash & cash equivalents 6,981 6,640 6,540 5,739 6,519 5,959 6,340 ) -3.1%
Total investment income 55,727 56,183 59,123 55,533 58,435 57,641 58,943 ) -0.3%
Investment expenses 2,136 2,072 2,106 2,099 2,095 2,092 2,036 ) -3.3%
Interest Expense on Surplus Note 15,785 15,659 15,908 15,300 14,669 14,621 14,476 ) -9.0%
Net investment income $ 37,806 $ 38,452 $ 41,109 $ 38,134 $ 41,671 $ 40,928 $ 42,431 3.2%
Fixed income book yield, end of period 3.93 % 4.01 % 4.09 % 4.14 % 4.21 % 4.26 % 4.27 %
New money yield 5.70 % 5.78 % 5.42 % 5.32 % 5.47 % 5.64 % 5.15 %
YOY Q3
Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025 % PtChange
Fixed Income Portfolio Quality Ratings
Rating
AAA 18.9 % 18.3 % 19.4 % 19.5 % 19.0 % 19.3 % 19.3 % %
AA 14.8 % 14.1 % 13.2 % 13.1 % 13.6 % 14.0 % 14.6 % %
A 24.1 % 24.3 % 24.2 % 24.4 % 24.5 % 23.8 % 24.0 % %
BBB 40.5 % 41.9 % 41.8 % 41.7 % 41.7 % 41.9 % 41.0 % %
Below Investment Grade 1.6 % 1.5 % 1.2 % 1.2 % 1.1 % 0.9 % 0.9 % %
NA 0.0 % 0.0 % 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % %
Total Fixed Income 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Average rating by amortized cost A A A A A A A

All values are in US Dollars.

As of September 30, 2025 As of September 30, 2025 As of September 30, 2025
Market<br>Value Amortized<br>Cost Credit<br>Rating Market<br>Value Amortized<br>Cost Market<br>Value Amortized<br>Cost
Top 25 Exposures Foreign Exposure (1) Government Investments (1)
1 Canada $ 16,537 $ 16,905 AAA Canada $ 90,909 $ 94,537 AAA $ — $ —
2 ONEOK Inc 15,259 15,443 BBB United Kingdom 33,397 32,216 AA — —
3 Province of Alberta Canada 14,954 15,363 AA- Australia 29,236 29,384 A 11,593 12,448
4 Morgan Stanley 14,925 14,844 BBB+ Germany 13,004 12,923 BBB 14,488 14,502
5 Province of Ontario Canada 14,527 14,601 A+ Mexico 10,537 11,123 Below Investment Grade — —
6 Ontario Teachers' Pension Plan 13,790 14,242 AA+ Cayman Islands (The) 10,302 10,057 NA — —
7 Realty Income Corp 13,685 13,982 A- Bermuda 9,631 9,374 Total $ 26,081 $ 26,950
8 Manulife Financial Corp 13,087 13,373 A Ireland 9,557 9,114
9 Berkshire Hathaway Inc 12,683 12,500 AA France 8,523 8,487
10 Province of Quebec Canada 12,385 12,487 AA- Luxembourg 7,768 7,361 Non-Government Investments (1)
11 Intact Financial Corp 11,759 11,366 A+ Italy 6,353 5,889
12 Province of New Brunswick Canada 11,418 11,766 A+ Spain 4,983 4,898 AAA $ — $ —
13 Province of Manitoba Canada 11,237 11,690 A+ Japan 3,748 3,700 AA 3,424 3,422
14 Government of Newfoundland and Labrador 11,187 11,577 A Netherlands (The) 3,517 3,587 A 67,761 67,520
15 Alimentation Couche-Tard Inc 10,775 10,655 BBB+ Switzerland 3,429 3,706 BBB 170,646 171,818
16 Goldman Sachs Group Inc/The 10,774 10,754 A+ Emerging Markets (2) 14,261 14,506 Below Investment Grade 943 1,004
17 TC Energy Corp 10,568 11,283 BBB+ All Other 10,450 10,601 NA 750 750
18 Province of Nova Scotia Canada 10,085 10,511 AA- Total $ 269,605 $ 271,463 Total $ 243,524 $ 244,513
19 Province of Saskatchewan Canad 9,868 9,867 AA
20 Brookfield Corp 9,684 9,607 A-
21 Oglethorpe Power Corp 9,671 10,390 BBB+
22 ConocoPhillips 9,572 10,725 A-
23 Sempra 9,530 10,334 BBB+
24 Tokyo Century Corp 8,914 8,982 BBB
25 NextEra Energy Inc 8,708 8,581 A-
Total $ 295,580 $ 301,826
% of total fixed income portfolio 7.7 % 7.6 %
  • US$ denominated investments in issuers outside of the United States based on country of risk.
  • Emerging markets is as defined by MSCI, Inc. which include Chile, India, Peru, Poland and South Africa.

Note: Investment Portfolio pages in this Financial Supplement exclude the Held to Maturity asset on our balance sheet.

16 of 17

Five-Year Historical Key Statistics PRIMERICA, INC.<br><br>Financial Supplement
(Dollars in millions) 2020 2021 2022 2023 2024 Q1<br>2024 Q2<br>2024 Q3<br>2024 Q4<br>2024 Q1<br>2025 Q2<br>2025 Q3<br>2025 Q4<br>2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Recruits 400,345 349,374 359,735 361,925 445,425 110,710 96,563 142,655 95,497 100,867 80,924 101,156
Life-insurance licensed sales force, beginning of period 130,522 134,907 129,515 135,208 141,572 141,572 142,855 145,789 148,890 151,611 152,167 152,592
New life-licensed representatives 48,106 39,622 45,147 49,096 56,320 12,949 14,402 14,349 14,620 12,339 12,903 12,482
Non-renewal and terminated representatives (43,721 ) (45,014 ) (39,454 ) (42,732 ) (46,281 ) (11,666 ) (11,468 ) (11,248 ) (11,899 ) (11,783 ) (12,478 ) (12,874 )
Life-insurance licensed sales force, end of period 134,907 129,515 135,208 141,572 151,611 142,855 145,789 148,890 151,611 152,167 152,592 152,200
Issued term life policies 352,868 323,855 291,918 358,860 370,396 86,587 100,768 93,377 89,664 86,415 89,850 79,379
Issued term life face amount $ 109,436 $ 108,521 $ 103,822 $ 119,102 $ 122,233 $ 28,725 $ 33,155 $ 30,793 $ 29,560 $ 28,455 $ 30,292 $ 27,067
Term life face amount in-force, beginning of period $ 808,262 $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 944,609 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312
Issued term life face amount 109,436 108,521 103,822 119,102 122,233 28,725 33,155 30,793 29,560 28,455 30,292 27,067
Terminated term life face amount (60,848 ) (64,798 ) (82,894 ) (94,230 ) (103,872 ) (23,323 ) (28,241 ) (25,264 ) (27,045 ) (24,979 ) (24,795 ) (26,159 )
Foreign currency impact, net 1,968 862 (7,524 ) 2,929 (9,387 ) (2,911 ) (1,134 ) 1,402 (6,744 ) (77 ) 5,834 (2,196 )
Term life face amount in force, end of period $ 858,818 $ 903,404 $ 916,808 $ 944,609 $ 953,583 $ 947,101 $ 950,880 $ 957,811 $ 953,583 $ 956,981 $ 968,312 $ 967,024
Estimated annualized issued term life premium
Premium from new policies $ 303.6 $ 297.2 $ 271.9 $ 302.4 $ 318.0 $ 73.1 $ 86.7 $ 80.2 $ 78.1 $ 74.4 $ 78.5 $ 69.8
Additions and increases in premium 68.9 77.0 76.7 74.3 74.7 18.1 19.9 18.8 17.9 18.5 20.2 19.0
Total estimated annualized issued term life premium $ 372.5 $ 374.2 $ 348.5 $ 376.6 $ 392.7 $ 91.2 $ 106.5 $ 99.0 $ 96.0 $ 93.0 $ 98.7 $ 88.8
Investment & Savings product sales $ 7,842.5 $ 11,703.2 $ 10,009.0 $ 9,211.7 $ 12,078.9 $ 2,770.4 $ 3,082.9 $ 2,905.1 $ 3,320.5 $ 3,559.3 $ 3,548.4 $ 3,711.9
Investment & Savings average client asset values $ 69,709 $ 89,993 $ 87,193 $ 89,474 $ 105,742 $ 99,502 $ 102,993 $ 108,152 $ 112,323 $ 113,018 $ 113,975 $ 123,117
Closed U.S. Mortgage Volume (brokered) $ 442.5 $ 1,229.2 $ 567.2 $ 293.4 $ 397.4 $ 71.4 $ 99.6 $ 105.4 $ 121.0 $ 93.5 $ 132.8 $ 143.4

17 of 17

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